A Legendary Investment Guru Just Flipped On Bitcoin

Bitcoin, which has been rapidly climbing in price over the last couple of months, has reignited the public debate surrounding the future of cryptocurrencies, their value as investments and their use in an increasingly digital world.

The bitcoin price, now double where it began 2019, has been hovering just above $8,000 since gaining $2,000 per bitcoin in just a few short days at the end of last week, and many are hailing a new bitcoin and cryptocurrency bull run—with eyes on the $20,000 per bitcoin reached in late 2017.

Now, Mark Mobius, the cofounder of Mobius Capital Partners and a legendary, veteran investor who once branded bitcoin a “real fraud”, has said bitcoin will be “alive and well” in the future.

“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially,” Mobius, who’s 82, told a Bloomberg newswire podcast. “I believe bitcoin and other currencies of that type are going to be alive and well.”

Despite changing his tune on the potential of bitcoin and crypto, Mobius said he has held off investing in bitcoin or other cryptocurrencies himself.

“Whether I would invest in it is not a question,” Mobius said. “You have incredible volatility and, at the end of the day, you can’t chase one individual group or one organization that will keep track of what is going on.”

“You have to be very careful,” he added, pointing to the collapse of one-time preeminent bitcoin exchange Mt. Gox in early 2014 which lost early bitcoin investors millions.

bitcoin, bitcoin price, mark mobius, chart

The bitcoin price has surged in recent months, though remains far from its all-time highs set in late 2017.


The change in Mobius’ bitcoin and cryptocurrency opinion was first noted by brokerage eToro’s senior market analyst Mati Greenspan.

“Many of those who are heavily entrenched in the old financial system are unsurprisingly unswayed by the benefits of crypto, but that’s changing rapidly,” Greenspan wrote about Mobius’ flip in a note to clients. “The volatility is one of the most attractive qualities of crypto from an asset managers perspective. The idea of asymmetric risk allows us to use this unique and uncorrelated asset class to greatly increase our return on risk in any otherwise well-diversified portfolio.

“Just as I, in my portfolio, am holding about…

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Bitcoin Price Rally Stalls As Ether, XRP Shine

With bitcoin (BTC) price rally showing signs of exhaustion above $8,000, investors have begun diverting money into relatively cheap alternative cryptocurrencies (altcoins).

The world’s leading cryptocurrency by market value jumped to a 10-month high of $8,335 in the early European trading hours on Tuesday. The rally, however, stalled with BTC witnessing a minor pullback to lows near $7,600 in the U.S. trading hours.

As of writing, BTC has returned to levels just below $8,000, representing little change on the day.

While bitcoin is showing signs of bullish exhaustion, the altcoin market is a sea of green with prominent coins like ether – the second largest cryptocurrency by market value – rising to $235 on Bitstamp, its highest level since Oct. 1, 2018.

At time of writing, ether is trading at $232 – up 12 percent on the day – having witnessed a golden crossover, a bullish cross of the 50-day and 200-day moving averages (MAs) last month.

Even ether’s strong performance, however, is being overshadowed by XRP, which is the best performing top cryptocurrency of the last 24 hours.

The price of a single XRP jumped to $0.45 earlier today, the highest level since Dec. 24, confirming a double bottom breakout (a bearish-to-bullish trend change) on the three-day chart. As a result, the third largest cryptocurrency could rise further toward $0.50 in the near-term.

  • XRP has appreciated by 14.7 percent in 24 hours, with prices hitting 4.5-month highs near $0.45 across major cryptocurrency exchanges.
  • Stellar (LM), cardano (ADA) are also up by nearly 12 percent each.
  • Bitcoin cash is flashing red, having hit a six-month high of $410 on Tuesday.

While major altcoins have found some love, the flow of money is also heading towards lesser-known cryptocurrencies, as seen in the chart below…

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Bitcoin Price Hits A 2019 High, Is A Bull Market Guaranteed?

Bitcoin price broke its yearly high May 14 as the 2019 bull run continues to shock traders and analysts, even far beyond the cryptocurrency industry.

Bitcoin Price Caps 100% 2019 Growth

Data from even the more conservative Bitcoin price trackers, such as exchange Bitstamp, confirmed continuation of Bitcoin’s awe-inspiring breakout Tuesday, BTC/USD soaring over $83000 at press time.

The figure marks the highest Bitcoin price since May 2018, sealing in the bear market which at one point took markets as low as $3100.  

The trend reversal, which began April 1, has meanwhile turned out to be anything but an April fool’s joke.

In the past week alone, BTC price 00 has delivered 40 percent gains. 24-hour performance currently sits at 17 percent, and is expanding.

For anyone who bought bitcoin even two weeks into its bullish trend in mid April, meanwhile, BTC has created gains of more than 60 percent.

Woo: We’ve 99% Left The Bears Behind

Unsurprisingly, the figures who at that time were already confident the bear market had ended for good were celebrating this week.

Pointing to fresh technical evidence, Willy Woo, who in April said he was 95 percent sure Bitcoin had already bottomed out near $3000, said the bull market was now a “99 percent” certainty.

“In BTC’s (ten-year)  trade history, crossing above the 200 day moving average… for any sizeable time (say (eight weeks)+) has signaled (sic) bull season. Even a super conservative trend line support puts us above the 200DMA,” he wrote on Twitter commenting on an accompanying chart.

Others highlighted different achievements. Bitcoin saw its largest daily volume in history two days in a row this week, Morgan Creek Digital co-founder Anthony Pompliano noted, adding that Bitcoin price was already up over 100 percent in 2019.

Beyond Bitcoin price, CME Group reported its Bitcoin futures product had likewise seen record volume on Monday.

China, Consensus And eBay

Attempting to find a reason for the strength of the parabolic run meanwhile, many cited the ongoing US – China trade war tensions as fuelling demand from what was once Bitcoin’s biggest market.

For Tom Lee, the Fundstrat co-founder and frequent bullish forecaster, this week’s Consensus 2019 annual conference also provided motivation for Bitcoin price gains.

The event had failed to make any impact on markets in 2018, with commentators noting that this year, eBay’s sponsorship and conspicuously pro-crypto presence had created an entirely different atmosphere.

As Bitcoinist reported, the online marketplace’s publicity material suggested it would at least introduce some form of cryptocurrency-focused payment options in the future.

Where will Bitcoin price go this week? Let us know in the comments below!

Images via Shutterstock

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Source: Bitcoininst

Here are 5 theories for the Bitcoin price spike

Bitcoin spiked to more than $7,500 on Sunday — a sharp rise from its $5,000 level at the start of May, and more than double its price in mid-December. Analysts have struggled to identify one single catalyst.

“With no major news factors behind the aggressive appreciation, the sharp $1000 jump over the weekend remains a mystery to investors,” wrote Lukman Otunuga, Research Analyst at FXTM, in a research note.

However, crypto-fans have weighed in with competing theories on its sudden rise, which run the gamut from compelling to wildly far-fetched.

Here are five reasons for the rise, according to Reddit users:

1. Safe haven

“It’s possible that a great number of rich people know that the traditional markets are effed eight ways to Tuesday,” wrote diydude2on the r/bitcoin thread’s daily discussion.

President Trump has sparked a global market sell-off after accusing China of walking back agreed provisions in a draft trade deal, hiking tariffs on $200 billion of Chinese goods, and preparing to expand tariffs to effectively all Chinese products in the next month if a trade agreement isn’t struck. Investors may have bought up Bitcoin to hedge their exposure to conventional assets.

2. Mainstream appeal

“Institutions are scrambling to get in ahead of the traditional brokerages’ launch (Fidelity, Ameritrade, Etrade) so they can dump on the next wave of retail investors to enter the space,” wrote Savage_X in the same discussion.

Fidelity, one of the world’s largest asset managers, will begin buying and selling bitcoin for its institutional customers in the next few weeks, according to Bloomberg. Online broker TD Ameritradeintroduced trading of bitcoin futures in December, while securities brokerage E*Trade is preparing to enable cryptocurrency trading on its platform, Bloomberg wrote.

Rival institutions could be buying up bitcoin with the expectation that the entry of major players into the market could bolster the cryptocurrency’s credibility and drive mainstream purchases, pushing up its price.

3. Exodus from alt coins

“The ICO experiment is over,” wrote gonzales82 in a thread about the Bitcoin spike, referring to the recent boom in cryptocurrency launches known as initial coin offerings.

“People are waking up to the realization that bitcoin is…

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Why is bitcoin surging? — Here are 4 possible explanations

If you haven’t heard, bitcoin is back. The digital currency on Thursday booked its eighth winning session in the past 10 and is on track to log four successive winning months — this after recording six losing months in a row, an unflattering record it had never previously achieved.

The bitcoin BTCUSD, +4.26%  rally is nearing 100% off its December 2018 low at $3,200, and year-to-date the cryptocurrency has added 70%.

So what’s behind the rally bitcoin? Here are four potential answers:

1) Technically driven

One thing the bitcoin rally has done is bust through some closely watched technical levels. Whether it’s the resistance at $4,000, the psychological $5,000 mark or some key momentum indicators, the technical outlook has flipped from lower highs to higher lows.

“Bitcoin’s long-term technical profiles continue to point to a new up cycle,” wrote chart watcher Rob Sluymer of Fundstrat Global Advisors.

“With bitcoin now back to a resistance band near $6,000, similar to where it was in Q2 2015, a pullback would not be surprising. However, rather than sell or attempt to micromanage bitcoin exposure, we would strongly encourage investors to remain focused on the longer-term bottoming profile developing,” he said.

Bitcoin, per Fundstrat Global Advisors

Moreover, bitcoin broke above closely observed 200-day moving average, and on April 23, the digital asset scored a golden cross, where the 50-day moving average crosses above the 200-day moving average — underlining its upside momentum.

2) The adoption argument

Arguably, bitcoin’s biggest battle is getting people to use it. Whether as a store of value or a medium of exchange, digital assets have struggled to garner attention, especially from institutional investors.

But, according to a recent Fidelity survey, this is slowly changing. The Boston-based asset manager said nearly half of institutional investors believe digital assets can play a role in their portfolio, while 22% already own some form of digital currency.

“We’ve been seeing steady growth and adoption in the industry, and prices are starting to get in line with the usage of bitcoin,” said Mati Greenspan, senior market analyst at eToro.

3) Is sentiment shifting?

Bitcoin, for the first time in a while, is shrugging off bad news. The industry, which is prone to negative headlines, including exchange heists and malfunctions, or the use of cryptos for illicit activity, has been back in the headlines.

“The fact the Binance news was shrugged off was telling. Add in the Bitfinex debacle and you can see that the sentiment really is rising,” Greenspan added.

Binance, one of the largest cryptocurrency exchanges said on Tuesday that…

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Ethereum Runs Out of Steam as Bitcoin Dominance Rises

Bitcoin price topped $6,000 and the majority of altcoin turned red. Is Bitcoin’s increasing dominance stealing Ethereum’s thunder?

ETH-BTC 4-Hr Chart

After topping out at 0.031402 ETH price 00 took a bearish turn and dropped to the lower arm of the falling wedge to set a new low not seen since December 22, 2018.

For those looking to the ETH-BTC pairing as the indicator of Ether’s price action, this is less than pleasant news but the ETH-USD 00 4-hour chart shows that the 61.8% Fib retracement level ($167.50) could provide support. $173.25 is proving to be significant resistance.

ETH-USD 4-Hr Chart

The RSI is flat in neutral territory and the MACD is crossed and also descending into a neutral zone. Volume has screeched to a halt and its possible that traders are watching from the sidelines and BTC fights to hold its recent victory over $6,000 and the majority of altcoins are in the red.

Above $173.50 ETH could stage a run to $180 again and a drop below $167.50 (50% Fib retracement level) could see ETH revisit the recent swing low at $156.

ETH-USD Shorts

ETH-USD longs have seen a slight uptick after dropping to 350k from an April all-time high of 581k. Meanwhile, ETH-USD longs are on the decline after rising slightly over the past two weeks.

As mentioned previously by Bitcoinist, Ethereum’s recent run to $180 could have been propelled mainly by the news of the CFTC considering the approval of ETH futures, the possibility of Microsoft debuting products that utilize Ethereum blockchain, and the upcoming Consensus 2019 conference.

ETH-USD Daily Chart

Ethereum bitcoin dominance

ETH price is bearish for the short term but has exhibited bullish behavior on every pullback since the end of April. While the 4-hour and daily ETH-USD charts are still relatively bullish.

Traders should still keep an eye on the ETH-BTC pairing to watch for a trend reversal.

At the time of writing, ETH is below the 20-MA on the Bollinger Band indicator but finding support at the 61.8% Fib retracement level. A close glance at the 4-hour chart shows ETH tends to stack gains after overtaking the 20-MA so setting an alarm for $170 would mark ETH’s cross above this MA.

Do you think ETH will recover to overtake $180 this week?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

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Source: Bitcoininst

Hackers steal over $40 million worth of bitcoin from Binance

Hackers have stolen over $40 million worth of bitcoin from Binance, one of the world’s largest cryptocurrency exchanges, the company said on Tuesday.

Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the “large scale security breach” which occurred on Tuesday.

They also managed to get some user information such as two-factor authentication codes, which are required to log in to a Binance account.

The cryptocurrency exchange was able to trace the stolen bitcoin to a single wallet, it said.

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,” Binance said in a statement.

“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”

Binance said the theft occurred from the company’s so-called “hot wallet,” which accounts for about 2% of its total bitcoin holdings. A wallet is a digital means of storing cryptocurrency. A “hot wallet” is one that is connected to the internet as opposed to a “cold” one which stores digital coins offline.

Deposits and withdrawals on Binance’s platform will remain suspended but trading will be allowed.

Binance also warned that…

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Bitcoin Is Suddenly Nudging $6,000 As Ethereum Rockets–Here’s Why

Bitcoin has come close to crossing the psychological $6,000 mark as a so-called crypto spring continues to bolster digital tokens across the board, with ethereum, the world’s second largest cryptocurrency by market value, making double-digit gains.

The bitcoin price, which leaped at the beginning of April from around $3,500 to over $5,000, has been steadily marching higher since then and increasing its dominance over the cryptocurrency market. Bitcoin has risen almost 5% over the last 24 hour trading period to highs of $5,970 per bitcoin on the Luxembourg-based Bitstamp exchange.

Ethereum, meanwhile, has gained more than 10% over the same period after reports the U.S. Commodity Futures Trading Commission (CFTC) could approve an ethereum futures contract—something that might bring fresh institutional funding into the bitcoin and cryptocurrency market.

“Many people are looking closely at the level $6,200 as a major resistance for bitcoin,” eToro senior market analyst Mati Greenspan wrote in a note to clients. “Though I don’t see any major significance for this specific number, I suppose it’s as good a benchmark as any.

“The crypto markets have been on a roll lately. Bitcoin is significantly outperforming, not only compared to other crypto-assets but every other major asset so far in 2019.”

The CFTC’s comments, first reported by bitcoin and cryptocurrency trade news site CoinDesk and attributed to a senior official, suggests the…

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Here’s What Warren Buffett Just Said About Bitcoin

Warren Buffett isn’t a fan of bitcoin. Not only does he think it’s extremely speculative, but Buffett isn’t a fan of most assets that don’t do anything — this is why you’ll never see gold in Berkshire Hathaway‘s (NYSE:BRK-A) (NYSE:BRK-B) investment portfolio, either.

At Berkshire Hathaway’s 2019 annual meeting, Buffett renewed his criticism about bitcoin and explained why it’s not an investable asset.

What Buffett has said about bitcoin and other cryptocurrencies in the past

Warren Buffett and Berkshire Hathaway’s Vice Chairman Charlie Munger have both been quite critical of bitcoin in the past. At last year’s shareholder meeting, Buffett called bitcoin “probably rat poison squared,” and also said that he thinks cryptocurrencies won’t end well for those who buy them. Munger added that trading in cryptocurrencies is “just dementia.”

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” Buffett also said in 2018.

Buffett’s latest bitcoin comments

Warren Buffett’s newest bitcoin comments seem even harsher. In an interview before Berkshire’s annual meeting, Buffett called bitcoin “a gambling device” and also pointed out that there’s been lots of fraudulent activity in the bitcoin world.

He also reiterated that bitcoin isn’t a productive asset. That is, its value is based solely on the premise that someone else will eventually be willing to pay more for it. “It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” Buffett said.

Buffett compared bitcoin to a button on his jacket, saying, “I’ll tear off a button here. What I’ll have here is a little token. … I’ll offer it to you for $1,000, and I’ll see if I can get the price up to $2,000 by the end of the day. … But the button has one use and it’s a very limited use.”

In other words, bitcoin has limited real-world usability — at least for…

Continue reading at THE MOTLEY FOOL

Bitcoin Price Sets New 2019 High

Bitcoin price beat its 2019 highs May 3 as a fresh uptick saw the cryptocurrency challenge $5750.

Bitcoin Smashes Through $5.7k

Data from traditionally more conservative Bitcoin price tracker Bitstamp shows BTC/USD hovering around $5660 at press time, having achieved local highs of $5730.

Friday’s performance puts Bitcoin $110 clear of its previous highest point in 2019, which occurred late April as BTC/USD hit $5620 and higher elsewhere.

Since beginning a reversal of its bearish trend at the end of March, Bitcoin has surprised analysts by holding on to its newfound support level at $5000 for over a month.

Prior to that, markets traded around $4000, with sentiment eyeing a further drop to $3000 or even lower before the bear market ended.

In line with previous behavior, exchange Bitfinex currently trades Bitcoin around $300 higher than other platforms.

Mahmudov Flags Bullish Price Crossover

The unlikely growth has thus seen various figures change their minds on the near future, including veteran Murad Mahmudov, who in April gave a 75 percent probability that Bitcoin would no longer drop lower than $3000 again.

Now, Mahmudov was contemplating fresh charts as Bitcoin price passed $5420 earlier Friday. Specifically, it was a crossover of moving average (MA) and exponential moving average (EMA) which completed as BTC/USD hit $5430 which caught his attention.

Within a broader timeframe, an accompanying chart shows, it was the crossover points of Bitcoin price and the EMA that signalled the start of bullish performance.

This week’s performance was already enough to bring back Bitcoin’s $100 billion market cap, putting it decisively ahead of second-place cryptocurrency Ether ($17.7 billion).

Bitcoin’s overall market cap share is now at 55.5 percent, its highest since September 2018.

What Tether Legal Problems?

The latest segment of the bull run meanwhile coincides with the release of the latest Bitcoin Core client 0.18.0

As Bitcoinist reported, Mahmudov is far from alone in his buoyant outlook for Bitcoin price. As April continued into May, bullish behavior dragged other previously reticent analysts out of hiding, among the Fundstrat Global Advisors’ co-founder Tom Lee.

Lee, who previously told clients he would stop giving Bitcoin price predictions altogether, this week announced he now viewed 2020 as the goal for BTC/USD hitting new all-time highs above $20,000.

A potential limit on performance, he added, was the ongoing legal questions around stablecoin Tether (USDT) and sister company Bitfinex.

Nonetheless, despite the controversy, Bitcoin markets have already managed to shake off any uncertainty, having lost $400 last week as news of the legal battle hit.

What do you think about Bitcoin price performance? Let us know in the comments below!

Images via Shutterstock,

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Source: Bitcoininst